Lantern Pharma (NASDAQ:LTRN) Stock Price Down 4.4% – Here’s Why

Shares of Lantern Pharma Inc. (NASDAQ:LTRN) dropped 4.4% during trading on Thursday . The stock traded as low as $3.21 and last traded at $3.23. Approximately 189,433 shares traded hands during trading, an increase of 197% from the average daily volume of 63,683 shares. The stock had previously closed at $3.38.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital assumed coverage on Lantern Pharma in a research note on Wednesday, April 2nd. They issued a “buy” rating and a $25.00 price target for the company.

Lantern Pharma Trading Down 4.4%

The company has a 50 day moving average of $3.42 and a 200-day moving average of $3.72. The firm has a market capitalization of $34.84 million, a P/E ratio of -1.81 and a beta of 1.55.

Lantern Pharma (NASDAQ:LTRN) last posted its quarterly earnings data on Thursday, May 15th. The company reported ($0.42) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.07. During the same quarter in the prior year, the company posted ($0.51) earnings per share. As a group, sell-side analysts forecast that Lantern Pharma Inc. will post -1.9 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Aaron G.L. Fletcher sold 21,037 shares of Lantern Pharma stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $3.05, for a total transaction of $64,162.85. Following the sale, the insider now directly owns 56,467 shares of the company’s stock, valued at approximately $172,224.35. This trade represents a 27.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Leslie W. Kreis sold 20,200 shares of Lantern Pharma stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $3.03, for a total transaction of $61,206.00. Following the transaction, the insider now owns 54,792 shares in the company, valued at approximately $166,019.76. This trade represents a 26.94% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 112,474 shares of company stock worth $336,838. 7.31% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lantern Pharma

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Sanctuary Advisors LLC acquired a new position in Lantern Pharma in the fourth quarter valued at approximately $32,000. CM Management LLC raised its holdings in shares of Lantern Pharma by 8.1% during the fourth quarter. CM Management LLC now owns 200,000 shares of the company’s stock valued at $638,000 after purchasing an additional 15,000 shares during the period. BIOS Capital Management LP acquired a new position in shares of Lantern Pharma during the fourth quarter valued at about $3,853,000. Renaissance Technologies LLC raised its position in shares of Lantern Pharma by 3.9% during the fourth quarter. Renaissance Technologies LLC now owns 87,300 shares of the company’s stock worth $278,000 after purchasing an additional 3,300 shares during the period. Finally, Voss Capital LP acquired a new position in shares of Lantern Pharma during the fourth quarter worth approximately $160,000. Institutional investors and hedge funds own 28.62% of the company’s stock.

About Lantern Pharma

Lantern Pharma Inc, a clinical stage biotechnology company, focuses on artificial intelligence, machine learning, and genomic data to streamline the drug development process. Its product pipeline comprises LP-300, which is in phase 2 clinical trial in combination therapy for never-smokers with non-small cell lung cancer adenocarcinoma; LP-184, which is in phase 1 clinical trial for the treatment of solid tumor, such as pancreatic, breast, bladder, and lung cancers, and glioblastoma and other central nervous system cancers; and LP-284, which is in phase 1 clinical trial for the treatment of non-Hodgkin's lymphomas, including mantle cell lymphoma and double hit lymphoma.